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Patrick McHenry points to progress on Stablecoin legislation ahead of election

These actions reflect the growing interest of regulatory authorities in controlling and supervising the cryptocurrency sector, especially in the context of financial system stability.

Date: 2024-03-21 Author: Łukasz Michałek
Patrick McHenry points to progress on Stablecoin legislation ahead of election

Ahead of the election, Patrick McHenry (R-NC), chairman of the U. S. House of Representatives’ Financial Services Committee, hinted at upcoming advances in Stablecoin legislation.

Speaking at a Coinbase event in Washington on March 20, McHenry said that despite recent disagreements in Congress, the stablecoin bill is almost ready for a vote in the House of Representatives. He noted bipartisan efforts and significant preparatory work in the legislative process for digital currencies.

Lawmakers predict progress on Stablecoin bill in 2024

McHenry is “optimistic” about the possibility of Congress passing legislation this year to increase regulatory transparency in the digital asset industry, stressing that the likelihood of such legislation has increased significantly in recent months.

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“I think we have several opportunities before the elections to see real politics,” McHenry said. “If we had talked about it from November to today, there are better chances that things would have been done,” McHenry said. “We have more opportunities now, and this is not a normal thing in an election year.”

McHenry mentioned that a move by Republicans in the House of Representatives to replace former Speaker Kevin McCarthy with current Speaker Mike Johnson has disrupted his attempts to introduce a number of bills relating to the crypto industry.

During the event, Senator Cynthia Lummis (R-WY) addressed the audience, expressing optimism about a compromise bill that has a good chance of passing in 2024.

Lummis said: “I think the administration’s willingness to move forward with stablecoin legislation makes this by far the most optimal part of the effort.” She added that Senator Chuck Schumer (D-NY), the Senate majority leader, has shown openness to considering such legislation.

Allied forces join Coinbase in regulatory battle with SEC

Coinbase has gained support in its legal confrontation with the Securities and Exchange Commission (SEC), with allies advocating that the SEC take a more tailored approach to regulating cryptocurrencies.

Influential entities such as Paradigm and the Crypto Council for Innovation submitted amicus opinions to the district court. These submissions strengthened Coinbase’s argument for specific regulatory guidelines for the cryptocurrency industry.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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